Gold followed silver's rise, driven by a new wave of technical buying.
2026-01-23 00:59:59
Gold prices rose during the US trading session on Thursday (January 22), nearing a record high for the week, while silver prices surged, hitting a new all-time high of $95.885 (based on March NYMEX futures). Technical buying was very active as both metals maintained a strong bullish technical outlook. February gold rose $47.30 to $4,884.80. March silver rose $3.313 to $95.95.
Both precious metals still recorded gains today despite a rise in risk appetite among traders and investors. President Trump said Wednesday afternoon he would not impose tariffs on goods from European countries opposing his attempt to take over Greenland, citing a "framework for a future agreement" on the island.
Market sentiment was also eased by a second consecutive day of rebound in Japanese government bonds on Thursday, with ultra-long-term bonds leading the gains. This followed Finance Minister Satsuki Katayama's call for market calm, and some fund managers viewed the recent surge in yields as a buying opportunity. Traders will be watching Friday's Bank of Japan policy decision and any comments from Governor Kazuo Ueda, as well as next week's 40-year Japanese government bond auction.
In major external markets today, crude oil prices fell, trading around $59.75 per barrel. The US dollar index fell sharply, and the yield on the 10-year US Treasury bond is currently around 4.25%.
(COMEX Gold Daily Chart Source: FX678)
From a technical perspective, the next upside target for February gold futures bulls is a close above the key resistance level of $5,000.00. The next short-term downside target for bears is to push futures prices below the key technical support level of $4,539.10. Initial resistance is at the all-time high of $4,891.10, followed by $4,900.00. Initial support is at $4,800.00, then the overnight low of $4,772.70.
March silver futures bulls have a strong chart advantage, and their next upside target is a close above the key resistance level of $100.00. Bears' next downside target is a close below the key support level of this week's low of $86.57. Initial resistance is at $96.00, followed by $97.50. The next support level is at $92.00, then $90.00.
Note: The gold market operates primarily through two pricing mechanisms. The first is the spot market, which provides prices for immediate purchase and delivery. The second is the futures market, which sets prices for future delivery. Due to year-end position adjustments affecting market liquidity, the most actively traded contract on the Chicago Mercantile Exchange (CME) is currently the December gold futures contract.
Both precious metals still recorded gains today despite a rise in risk appetite among traders and investors. President Trump said Wednesday afternoon he would not impose tariffs on goods from European countries opposing his attempt to take over Greenland, citing a "framework for a future agreement" on the island.
Market sentiment was also eased by a second consecutive day of rebound in Japanese government bonds on Thursday, with ultra-long-term bonds leading the gains. This followed Finance Minister Satsuki Katayama's call for market calm, and some fund managers viewed the recent surge in yields as a buying opportunity. Traders will be watching Friday's Bank of Japan policy decision and any comments from Governor Kazuo Ueda, as well as next week's 40-year Japanese government bond auction.
In major external markets today, crude oil prices fell, trading around $59.75 per barrel. The US dollar index fell sharply, and the yield on the 10-year US Treasury bond is currently around 4.25%.
(COMEX Gold Daily Chart Source: FX678)
From a technical perspective, the next upside target for February gold futures bulls is a close above the key resistance level of $5,000.00. The next short-term downside target for bears is to push futures prices below the key technical support level of $4,539.10. Initial resistance is at the all-time high of $4,891.10, followed by $4,900.00. Initial support is at $4,800.00, then the overnight low of $4,772.70.
March silver futures bulls have a strong chart advantage, and their next upside target is a close above the key resistance level of $100.00. Bears' next downside target is a close below the key support level of this week's low of $86.57. Initial resistance is at $96.00, followed by $97.50. The next support level is at $92.00, then $90.00.
Note: The gold market operates primarily through two pricing mechanisms. The first is the spot market, which provides prices for immediate purchase and delivery. The second is the futures market, which sets prices for future delivery. Due to year-end position adjustments affecting market liquidity, the most actively traded contract on the Chicago Mercantile Exchange (CME) is currently the December gold futures contract.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
